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There are a number of tools and audits that can be used, for example SWOT analysis for
the internal environment, as well as the external environment. Other examples include
PEST and Five Forces Analyses, which focus solely on the external environment.
In many ways the marketing audit clarifies opportunities and threats, and allows the
marketing manager to make alterations to the plan if necessary.
This lesson considers the basics of the marketing audit, and introduces a marketing audit
checklist. The checklist is designed to answer the question, what is the current marketing
situation? Lets consider the marketing audit under three key headings:
MEN (Labor/Labour).
MONEY (Finances).
MACHINERY (Equipment).
MINUTES (Time).
MATERIALS (Factors of Production).
How is our marketing team organised?
How efficient is our marketing team?
How effective is our marketing team?
How does our marketing team interface with other organisations and internal functions?
How effective are we at Customer Relationship Management (CRM)?
What is the state of our marketing planning process?
Is our marketing planning information current and accurate?
What is the current state of New Product Development? (Product)
How profitable is our product portfolio? (Product)
Are we pricing in the right way? (Price)
How effective and efficient is distribution? (Place)
Are we getting our marketing communications right? (Promotion)
Do we have the right people facing our customers? (People)
How effective are our customer facing processes? (Process)
What is the state of our business's physical evidence? (Physical Evidence)
As a market orientated organisation, we must start by asking - What is the nature of our
'customer?' Such as:
SWOT analysis is a tool for auditing an organization and its environment. It is the first
stage of planning and helps marketers to focus on key issues. SWOT stands for strengths,
weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors.
Opportunities and threats are external factors.
Be realistic about the strengths and weaknesses of your organization when conducting
SWOT analysis.
SWOT analysis should distinguish between where your organization is today, and where
it could be in the future.
SWOT should always be specific. Avoid grey areas.
Always apply SWOT in relation to your competition i.e. better than or worse than your
competition.
Keep your SWOT short and simple. Avoid complexity and over analysis
SWOT is subjective.
Once key issues have been identified with your SWOT analysis, they feed into marketing
objectives. SWOT can be used in conjunction with other tools for audit and analysis, such
as PEST analysis and Porter's Five-Forces analysis. So SWOT is a very popular tool with
marketing students because it is quick and easy to learn. During the SWOT exercise, list
factors in the relevant boxes. It's that simple. Below are some FREE examples of SWOT
analysis - click to go straight to them
Some of the problems that you may encounter with SWOT are as a result of one of its
key benefits i.e. its flexibility. Since SWOT analysis can be used in a variety of scenarios,
it has to be flexible. However this can lead to a number of anomalies. Problems with
basic SWOT analysis can be addressed using a more critical POWER SWOT.
Pest Analysis
It is very important that an organization considers its environment before beginning the
marketing process. In fact, environmental analysis should be continuous and feed all
aspects of planning. The organization's marketing environment is made up of:
1. The internal environment e.g. staff (or internal customers), office technology, wages
and finance, etc.
2. The micro-environment e.g. our external customers, agents and distributors, suppliers,
our competitors, etc.
Political Factors.
The political arena has a huge influence upon the regulation of businesses, and the
spending power of consumers and other businesses. You must consider issues such as:
2.Will government policy influence laws that regulate or tax your business?
Economic Factors.
Marketers need to consider the state of a trading economy in the short and long-terms.
This is especially true when planning for international marketing. You need to look at:
1. Interest rates.
3. Long-term prospects for the economy Gross Domestic Product (GDP) per capita, and
so on.
Sociocultural Factors.
The social and cultural influences on business vary from country to country. It is very
important that such factors are considered. Factors include:
6.How long are the population living? Are the older generations wealthy?
Technological Factors.
1. Does technology allow for products and services to be made more cheaply and to a
better standard of quality?
2.Do the technologies offer consumers and businesses more innovative products and
services such as Internet banking, new generation mobile telephones, etc?
3.How is distribution changed by new technologies e.g. books via the Internet, flight
tickets, auctions, etc?
4.Does technology offer companies a new way to communicate with consumers e.g.
banners, Customer Relationship Management (CRM), etc?